Experts Say Mubarak Family's Net Worth is Billions
Source:
VOA News February 07, 2011
Middle East experts say Egyptian President Hosni Mubarak's family fortune could be as much as $70 billion.
Experts estimate the net worth of Mr. Mubarak and his family at between $40 billion and $70 billion. They say the Egyptian president has much of his wealth in Swiss banks or tied up in real estate in New York, Los Angeles and London.
Some experts say he also has several lavish homes across Egypt.
Mr. Mubarak's wife, Susan, and their two sons, Gamal and Alaa, are also reported to be billionaires.
U.S. and British experts say the family wealth dates back to when Mr. Mubarak was an air force officer and in a position to benefit from corporate corruption on military contracts. Analysts say the family was able to accumulate wealth through business partnerships with foreign investors and companies.
Amaney Jamal, a political science professor at Princeton University in the United States, told ABC News that Mr. Mubarak's estimated wealth is similar to other Middle Eastern leaders. She said there was "a lot of corruption in his regime and a stifling of public resources for personal gain."
Protesters have cited government corruption as a reason they are demanding Mr. Mubarak's ouster.
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Let's compare Hosni to the world's richest..
According Forbes The World's Billionaires of 2010 Special Report
Source:
Forbes.com #1 Carlos Slim Helu & family
Net Worth: $53.5 bil
Fortune: Self Made
Source: telecom
Age: 70
Telecom tycoon who pounced on privatization of Mexico's national telephone company in the 1990s becomes world's richest person for first time after coming in third place last year. Net worth up $18.5 billion in a year. Recently received regulatory approval to merge his fixed-line assets into American Movil, Latin America's biggest mobile phone company. His construction conglomerate, Impulsora del Desarrollo y el Empleo, builds roads and energy infrastructure. Son of a Lebanese immigrant also owns stakes in financial group Inbursa, Bronco Drilling, Independent News & Media, Saks and New York Times Co. Newspaper outfit's stock popped in early March on talk he might buy a controlling stake; he denies the rumor. Donating $65 million to fund a research project in genomic medicine with American billionaire philanthropist Eli Broad.
and #2 is William Gates III AKA Bill Gates
Net Worth: $53.0 bil
Fortune: Self Made
Source: Microsoft
Age: 54
Software visionary is now the world's second-richest man. Net worth still up $13 billion in a year as Microsoft shares rose 50% in 12 months, value of investment vehicle Cascade swelled. More than 60% of fortune held outside Microsoft; investments include Four Seasons hotels, Televisa, Auto Nation. Stepped down from day-to-day duties at Microsoft in 2008 to focus on philanthropy. Bill & Melinda Gates Foundation dedicated to fighting hunger, improving education in America's high schools, developing vaccines against malaria, tuberculosis and AIDS.
